Students, Beware of Campus Thieves

By

Amy Hoak

Aug. 4, 2012 10:29 p.m. ET

One of the biggest threats on college campuses today is theft, as students have more personal electronics to keep tabs on these days and their financial information is vulnerable to cash-strapped peers.

Billy Puschel learned this the hard way.

Mr. Puschel, a 21-year-old student at Arcadia University in Glenside, Pa., was the victim of identity fraud during his first semester at college three years ago. The perpetrator: his own roommate.

The roommate stole two debit-card numbers from Mr. Puschel's wallet, which was left on his desk. It wasn't until Mr. Puschel was trying to make a purchase and was denied that he became aware of the shopping spree that his roommate had gone on.

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Ryan Snook

"We weren't very good friends," Mr. Puschel says of the student he was paired with to share a room. But "he didn't strike me as someone who would steal my stuff."

College students are particularly vulnerable to theft. Because they live in close quarters in college dormitories, they're more at risk of becoming victims, says Elaine Baisden, vice president of personal insurance for Travelers.

"I don't know a college student who doesn't own a laptop these days," Ms. Baisden says. It's also not uncommon for students to take other personal electronics, videogame systems, bicycles, stereo equipment and televisions to campus.

In addition, students are vulnerable to identity fraud on college campuses.

Consider these identity-fraud statistics: The average amount stolen from a student is $2,693, compared with $1,513 for all fraud victims, according to Javelin Strategy & Research's 2012 identity-fraud report. It also typically takes students longer to detect the fraud. The mean detection time for students is 94 days, compared with 50 days for all victims.

One way parents of college students can help them prepare for these realities is by making sure that their property is properly insured, Ms. Baisden says.

If the student's primary residence is the same as his or her parents and he or she is living on campus, a certain percentage of his or her contents will often be covered under the parents' homeowners policy.

If the student is living off-campus, he or she most likely needs to purchase renters insurance for coverage. Renters insurance typically costs about $150 to $200 a year, Ms. Baisden says. If the student will be living with roommates, each one should get his or her own policy.

Of course, it's best to do all that you can to prevent theft from happening in the first place. Here are some tips for students heading off to college:

1. Leave valuables at home.

Keep expensive items—especially those you can't replace—at home, Ms. Baisden says. Also, keep a slim wallet, taking only the items you need and leaving items, such as your Social Security card, at home.

2. Take inventory.

Take pictures and create a list of what you're taking with you to school, Ms. Baisden says. A checklist will help you remember what your friends might be holding on to at the end of the year.

3. Don't leave items unattended.

Studious young adults will spend plenty of time in the school's library, for example, and might be tempted to leave their belongings unattended at times, Ms. Baisden says. Resist the urge. Her own daughter had her cellphone stolen on one of the first few days of school.

4. Keep financial documents in a safe place.

Credit-card statements, phone bills—anything that has your account number, Social Security number or date of birth on it—should be kept in a safe place, such as a locked drawer. Better yet, cancel your paper statements and get them electronically instead.

5. Be careful about online information.

What you put on social-media websites can be used against you.

If someone has your name, address and birthday, they might be able to call and obtain information on a financial account of yours, says Stephen Coggeshall, chief technology officer of ID Analytics, a consumer risk-management company. With that information, they might also be able to apply for a credit card or cellphone, simply making up information for fields they don't know, such as your Social Security number.

Make sure to create strong passwords for your accounts, and lock your smartphone with a password as well.

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